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Mortgage Tax Relief

Volume 204: debated on Friday 21 February 1992

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To ask the Chancellor of the Exchequer what would be the cost to the Exchequer of increasing the maximum limit for mortgage tax relief to (a) £40,000, (b) £50,000 and (c) £60,000.

The estimated costs at 1991–92 levels of increasing the ceiling on mortgage interest tax relief are shown in the table.

Ceiling on mortgage interest tax reliefCost of increasing the ceiling on mortgage interest tax relief for 1991–921
££ billion
40,0000·7
50,0001·1
60,0001·3
1 The estimates are based on the distribution of existing mortgages and therefore exclude behavioural effects which might result from the change and could be substantial.